El Paso apartment 1Q 2012: Hendricks & Partners

Dated: August 24 2012

Views: 85

EL PASO - Net apartment move-ins declined to 128 units in first quarter 2012, down from the 856 units absorbed during the same period in 2011, according to Hendricks & Partners.

New apartment construction fell to 32 units 1Q 2012, well below the 762 units delivered to the market 1Q 2011. No new permits were issued for multifamily units 1Q 2012, down from 63 units permitted 1Q 2011.

No new permits were issued for multifamily units in first quarter 2012, down from 63 units permitted a year prior.

The average vacancy rate for the local multifamily was 4.2 percent for first quarter 2012, from 2.5 percent a year earlier.

El Paso Apartment
2012 / 2011 Comparison Vacancy and Rent
Submarkets
40+ Units
Vacancy Average Rent
1Q 2012 1Q 2011 1Q 2012 1Q 2011
Central 5.8% 1.8% $672 $651
East / Southeast 3.8% 2.4% $667 $638
Northeast 4.1% 3.4% $668 $596
Northwest 4.6% 2.5% $712 $696
Totals 4.2% 2.5% $682 $652


View the full report at Hendricks & Partners.

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